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Know less, are silent more often: or, as in Russia and China banned ICO
Material posted: Publication date: 13-09-2017
If there is in this world someone who can surprise me everyday, it is the state authorities of the Russian Federation: today, yesterday, given all the time zone your location, I finished the fourth part of the lawsthat will change the face of domestic IT. Have already changed.

But not to: first, China loudly shouted that ICO is not only prohibited, but the universal axiom "the law is not retroactive" (even more embarrassing similar clause E. Sidorenko in the summer of this year Cryptobinary about the prospects in the Vast immensity) in this case does not apply, that is, all are required to return funds to investors. Then my telegram, facebook, skype & vk broke: more than 1500 queries per 24 hours is too much.

But then did something out of the world program "unbelievable but true": the Central Bank of the Russian Federation de facto spoke about the prohibition of ICO and cryptocurrency in Russia. On the cryptocurrency will have Victims, and here I would like to focus on a common message and to ban ICO.

Before engaging in a discussion with me, let's examine a few simple but important facts:

  1. In 2014 I had to enter into an unequal struggle discussions with the CBR and fingers to prove that Bitcoin is not a substitute for moneythat the concept of money surrogate in the existing normative-legal acts and penalties for their distribution is not provided. What did authorities? Decided to pass a law with criminal penalties for involvement in the crypt: first to 4 years of imprisonment, and then — right up to 7.
  2. After such a bold but unsubstantiated statements from the Russian business flew to the Caymans and in other, more warm, in all senses of jurisdiction.
  3. In 2016... however, the story can be read here: the consequences of it are such that the Russian Treasury has lost million of dollars because of ill-conceived, to say the, say the rhetoric of the state authorities.
  4. And that seems to be 2017. Hardware and other well-known players are ready to accept the cryptocurrency, fit — want to actually 100 000 000е ICO, the President appoints an audience V. Buterin: established a working group on the blockchain and cryptocurrency; in Moscow, opened courses in this field; in the far East mining output at the edge of the front forces of the economy...
  5. But no: again, the Central Bank de facto bans crypto, and even ICO.

And then it becomes clear that attempts every time to whitewash the work of state bodies, to prove that cryptocurrency is not prohibited on the territory of the Russian Federation, and ICO is fresh blood Finance in the locality of sanctions — all this is meaningless, since every time the backstage struggle of the individual lobby groups will prevail over business interests and even the interests of the state itself.

Judge for yourself:

  1. In the same year 2015, when the Ministry of Finance proposed the severe project of the taboo on the crypto-sphere, and the Ministry of economic development, he was criticized, the Central Bank repeatedly stated that it is not ready to take on the burden of the regulator of the new market than every time put the Finance in place.
  2. This year we hear the statement of A. Moiseev — Deputy Minister of Finance that access to the virtual currency will be only through a stock exchange and are clearly not citizens, and just a few days — out of Information (! note, not legal) application of the CBR that: "Given the high risks of handling and use of cryptocurrencies, the Bank of Russia considers it premature admission of cryptocurrencies, as well as any financial instruments denominated or linked to cryptocurrencies, to circulation and use on organised markets and clearing and settlement infrastructure on the territory of the Russian Federation for maintenance of transactions with crypto-currencies and derivatives on them."
  3. Given the fact that the market for crypto recently almost reached the level of 180 billion dollars, and ICO has crossed 1.5 billion dollars, the budget once again loses even the most illusive prospects of replenishment due to this, a new and certainly a huge segment of the world economy. And again, all an act having no legal force, and imitation, and hypocrisy at a time. Like,
    and no I did not, and odds on the indentation in the case of a positive (for crypto) trends left
    but in fact said hard "no", which few will disobey, especially after the reorganization of the Bank even as the Opening.

Especially "pleases" here it is: "cryptocurrency Transactions carry high risks as conducting currency exchange operations, including from-for sharp fluctuations of the exchange rate, and in the case of financing through the ICO (Initial Coin Offering — form of investment of citizens in the form of issue and sale to the investors of the new crypto currency/token). There are also technological risks in the issuance and circulation of cryptocurrencies and the risks of fixing of the rights to "virtual currencies". This can lead to financial losses of the citizens and to the impossibility of consumer protection in financial services in the event of their violation".

And what about those who already have a real business in Russia? The cheese-makers, honey producers, suppliers, tea, restaurants, fitness centres (remember again the example of the banning of this type of business due to the reception of Bitcoin) and many others who wanted to stand on the rails of modern technological progress? They go to Switzerland or even Estonia are not so simple...

The main thing that the Central Bank clearly pointed out: "the Bank of Russia confirmed the position expressed in January 2014, in respect of different kinds of private "virtual currencies" (cryptocurrency)". Here is the position. Here is an excerpt-summary of it: "the Bank of Russia has warned that granting Russian legal entities services for exchange "virtual currency" in rubles and foreign currency, as well as for goods (works, services) will be considered as a potential involvement into realization of doubtful operations in accordance with the legislation on counteraction to legalization (laundering) of incomes obtained in a criminal way and financing of terrorism".

And who then wants to work with digital money as outlined by their regulator, white? Apparently, the Swiss.

However, all this is the testimony of the chief: in Russia, any technology can not develop without a unified system to resolve legal problems. And no establishment of working groups and universities won't help if the tone and sharpness of statements of regulators will not change. At least the experience 2014-2017 proved that to create new law from scratch (and it's not tautology) — just a nobody: we do not give birth to the market of it-lawyers, and one that is — ruin impetuous gusts of the struggle for power in the distorted understanding of the doctrine of Nietzsche.

I hope the promises are clear. What to do with them is up to You.

I also see that this approach is litmus, which shows that crypto-enthusiasts need: first, not just in theory or in isolated cases of practice, but to develop and widely distributed a legal entity; second, to systematically develop the system of assessment of the ICO projects and protection against Scam; third, to take finally the idea that centralized systems can be embedded in a de-centralized, but not Vice versa.

And then things will happen and you will be able to start thinking correctly, that is — for the future.

Vladimir Menaskop


Tags: finances

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